Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A muted trading session here in Asia, echoing overnight tones with the stronger USD weighing on risk markets. Gold however is holding above the $1900USD per ounce level while Bitcoin has stalled yet again, failing to get back above the $40K level, having been somewhat steady since its Monday morning gap down:

The Shanghai Composite is up 0.4 % to close just above 3600 points while the Hang Seng Index is pulling back slightly after a previously solid session, down 0.3% to close at 29092 points.  Japanese stocks are also putting on the brakes, with the Nikkei 225 closing 0.3% lower to 28549 points. Meanwhile the USDJPY continues to track sideways after showing little sign of life with the four hourly chart showing it still under the downtrend line from last week’s high:

The ASX200 put in a scratch session, finishing where it started as it absorbed the latest CAPEX print at 7094 points, while the Australian dollar is looking weak yet again, unable to break back above the mid 77 cent level versus the USD:

Eurostoxx and S&P futures are up only 0.1% or so with the four hourly chart of the S&P500 showing price still hesitating around the 4200 point level after previously gravitating around the intrasession high from last week. In other words, stalling:

The economic calendar ramps up with German consumer confidence and the latest USD durable goods order and pending home sales.

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Comments

  1. United States …

    $85 billion for empty buses and railcars … Randal O’Toole … New Geography

    https://www.newgeography.com/content/007052-85-billion-empty-buses-and-railcars

    The future of public transit is nearly empty buses and railcars. Yet President Biden’s American Jobs Plan calls for spending $85 billion on transit. Although transit carries less than 1 percent of passenger travel in the United States, and no freight, this represents 28 percent of the funds Biden proposes to spend on transportation.

    Considering that the pandemic has cut transit ridership by more than half , while driving has recovered to 97 percent of pre-pandemic levels, this a poor, and poorly timed, use of public funds. Biden’s plan claims that spend- ing more on transit “will ultimately reduce traffic congestion for everyone.” Other transit advocates claim that it will help low-income people as well as reduce greenhouse gas emissions. But none of these claims are true.

    Third-Class Transportation … read more via hyperlink above …

    … The technology enabled and covid accelerated new era of dispersal and decentralization is already well underway … as transport professor David Levinson of the University of Sydney explains within this outstanding video …

    The New New Normal VIDEO … David Levinson … University of Sydney / Transportist

    https://transportist.org/2020/11/03/the-new-new-normal-mobility-and-activity-in-the-after-times/

    … which will understandably mean households and businesses will flee from governments, at even greater rates, that fail to control costs and act responsibly.

    • Mining BoganMEMBER

      The boy sat on the back step with his tablet taking pictures and videos while doing a kid’s news type voiceover about the whole thing. Wanted to share it with his schoolmates. He had me googling facts he wanted to chuck in to help him sound more authoritative. But he didn’t actually ask me to Google, it’s just I couldn’t answer most of his questions.

      I was impressed.

      • kids can really get hooked on astronomy with a bit of encouragement – way healthier than vaping, though it makes getting them to go to bed early kinda difficult at times…

    • Outstanding ! Thanks! My 6yo loved it – he and his 2yo brother love the stars and planets.

      What kit did you use?

      • you’re welcome and thank you. the kit is a Pentax K-1 mkii with a film era 300mm prime plus a 1.4 teleconverter. Heavy as sin, but a nice outfit, provided you don’t want to do anything quickly…

  2. The Travelling Phantom

    2 old people at a Cafe laughing and having good time, the waitress asks about the source of their joy. One of them said “we found the solution to solve ALL the problems of the country”. The waitress asked what’s the solution?? The old man answered ” put all people in prison and with them a donkey.”
    The waitress in surprise asked why a donkey?
    The other old man started laughing loudly and told his friend “you see no one will ask about the people”

  3. Lock! Us! Down!

    I think most people secretly enjoy these lockdowns. Government enjoys issuing them, people enjoy rushing around before the curfew to buy enough supplies to get through a nuclear winter. It brings them a feeling of safety and security staying home.

    You wouldn’t get people complying so readily if they didn’t enjoy participating in the theatre of it all.

    I still think there should be a lockdown but only for those that are 80+ and anyone below 80 and with a BMI of 30 or more. Every 6 months I’d lower the BMI by one point until we reach 25.

    This is a disease that targets people 80+. They should be the ones made to lock down because they don’t work.

    Young people that have died are almost always fat slobs with diabetes and/or heart disease.

    Those are self inflicted health conditions no? Why should I keep locking down so that fatty can live an unhealthy lifestyle in a COVID ravaged world?

    • MathiasMEMBER

      > Young people that have died are almost always fat slobs with diabetes and/or heart disease. Those are self inflicted health conditions no? Why should I keep locking down so that fatty can live an unhealthy lifestyle in a COVID ravaged world?

      You really have a great impression of young people. Im sure they think the same of you.

      • Lock! Us! Down!

        Being an unhealthy slob is a choice.

        They’ve had 14 months to get in shape so they can fight COVID.

        It’s a lot fairer to lock down the elderly and all the slobs than everyone.

        • MathiasMEMBER

          I dunno. Im a Queenslander and most of my mates are true blue bush Aussies. Keg drinks too much Beer ( He’s always trying to steal mine coz I do homebrew ). Jiggas older now but that guy was always getting it on with the ladys. Glowy ( short for Glow Worm ), he ran away coz he’s on his 14th unexpected kid lol. I dont want to know. I dont want to get involved lol. Dunno what it is with that guy but he finds woman everywhere he goes ( guess its why we call him Glow Worm ).

          Melbourne seems like a Multi-Cultural, Homosexual, Orgy, Drug injecting place. I dont find it all that appealing to be honest.

          What I do know, is Melbourne has a higher concentration of Females to Men. Most cities do, in fact. High concentration of single ladys in both Sydney and Melbourne. They dont seem to be very monogomous either. Melbournes rise in syphilis speaks volumes. Its easy to hide that nookie under the bedsheets but hard to hide a syphilis pandemic lol. The disease that just keeps on giving ha ha.

          So yeah, um, lots of single mothers. Given Australias shift towards Feminism of late, its rise of Single Mothers and really poor child upbringing, I’d say there’s a shortage of men and fathers. Its probably coming out in the younger generations who no longer know how to tie there own shoe laces, dunk a wave or have any self-confidence. Boys growing up with pre-menstrual, stick up the a$$ man hating woman which doesnt do much for there self-esteem. Automatically, your seeing a rise in A.D.D. and O.C.D. cases among younger kids. I admit, when I look at boys in Queensland, I can pick the ones who never had fathers straight away. Its glaringly obvious. Its usually the kids who are pale and have no self-esteem. Sadly, they also seem to be the ones who tend to suicide. I think the rise of single motherhood ( demonisation of men ) in Australia and a lack of open spaces due to this property boom is raising some pretty insecure kids. In fact, I’d go as far as to say the Mental Health Damage we are doing today will probably be with us for many years to come.

          Our Blame everything on the Young, Right Wing Society will probably have a wake up call in a few years. The problem is all the Left want to do is give them lipstick and a handbag, squeeze the masculinity out of todays evil misogynistic boys to make them better for our army of Single Mothers lol.

          I think the selfishness thats happening in Australian Parliament is having disasterous impacts on Australia Nationally, from both Liberal and Labor. I have no idea what the fk those guys are doing down there but everything they do seems to have negative consequences for Australias Communities.

          Im not much of a Lefty but I really like Queenslands Annastacia Palaszczuk. She shuts her mouthe, she gets on with the job. She isnt in the news every five minutes big noting herself or looking for the next headline. She goes to bat for her people ( Queenslanders ). Keeping our familys alive from Covid. She doesnt take crap ( especially from NSW who are known for being bullys or Scott Morrison who’s done some really stupid stuff ). If Annastacia Palaszczuk ran Federal Labor, I bet they’d win the next Federal Election. I dont like Labor but if Queensland had another State Election, I’d vote for her again. Could be better. Could be worse but keeping your family alive, thats a pretty high priority in my book ( especially for a Queenslander ).

          • A lot of good points in there. I have a couple of young blokes and your right. Their friends with out fathers are a bit creepy/ letchy. Sad. I have seen first hand the importance of a tight nuclear family unit.

            The kids used to hang with one ‘in trend’ family cluster or cult whom kids are going to be proper messed up. On the surface would appear stable but….

            The kids have four mums and two dad’s. FF FF MM

            I’m not a homophobe but don’t agree with these family units. The kids have some really bad social traits and in a bi-polar manner embody anxiety and revenge aggressiveness simultaneously. One of the original FF left her unit to go with one of the kids teachers to create a new FF unit leaving her hubby and kids so she could live out her own sexual kinks. Conversations of sexual nature were overheard at ages as young as 6-7 regarding sexuality etc.

            I do realise this sounds like the old gays shouldn’t have kids tripe , but from what I’ve seen , some who continue to put themselves before their kids should not.

            Yes, same could be said about dead beat dad’s.

            I’m not even blody religious, but as a parent my views on certain things have evolved through personal experience not woke indoctrination.

            Blokes need look out for blokes….

          • drsmithyMEMBER

            A lot of good points in there.

            No, it’s just the usual misogynist, phobic trolling he always posts.

            The kids have some really bad social traits and in a bi-polar manner embody anxiety and revenge aggressiveness simultaneously. One of the original FF left her unit to go with one of the kids teachers to create a new FF unit leaving her hubby and kids so she could live out her own sexual kinks. Conversations of sexual nature were overheard at ages as young as 6-7 regarding sexuality etc.

            It’s a relief to know this sort of thing never happens with good, old-fashioned, hetero, mum and dad and 2.3 kids families.

    • SnappedUpSavvyMEMBER

      Victorians lov it, fckn luv it, they even enjoy having Indian security guards who have been in the country 2 minutes telling them how to behave at cultural events like football matches lol

      They’ll raise the fckn Chinese flag above their police stations 🙄

      They cop getting fined for doing 3kph over the speed limit

      They love a premier who hasn’t been seen in months and who signed them up to the belt and obey

    • SweeperMEMBER

      Yep. Suicide rates actually dropped in Victoria during the lock down last year.
      Libertarians were wrong.. about everything last year. Everything.
      In reality I agree, the lock down probably created a sense of social cohesion that society generally lacks these days, people enjoyed Dan dominating journalism, people got to work from home, there was a ready made excuse to get out of events that no-one wants to go to anyway..

      • migtronixMEMBER

        You are as such scum. Socially distance social cohesion? Fvck you and your NLP mind control narrative. All culture has been the gutter for over a year and you applaud a cult of politician.

        I despise you.

        • Corporatists that call others fascists and bang on about mind control should reconcile the holes in their logic.

          • migtronixMEMBER

            Garbled gibberish peddlers should mind an old adage:

            Be mindful casting stones in glass houses…

            Douchebag

        • SweeperMEMBER

          That’s because you measure social cohesion by volume of transactions in a marketplace.
          I measure it on absence of transactions.
          What was wrong with people getting to know their 5k radius?

      • Yeah Sweeper the libertarians are not a bright bunch and enviably the loudest squealers if anything brings people together in a way that is contra to their belief system.

        • SweeperMEMBER

          But they keep coming back for more.
          Last year: wrong on covid
          This year: wrong on crypto
          Since 08 wrong on inflation
          Ex ante wrong on the role of the state and the individual

      • MathiasMEMBER

        Not sure about the Suicide Rates but it seems lockdowns created a lot of Syphilis.

        Im thinking maybe, they didnt stay in there rooms lol.

    • The FNG.MEMBER

      I take it you’re neither old nor fat?

      Because if you’re old and fat…..

  4. Arthur Schopenhauer

    One, two, three, four, five, six, seven day weekend! 🎊🎉🎈

    Fkn.

      • One. A single submarine. It will be made up of the worst features of both types. It will never go into service. It shall be an exhibit at the Powerhouse Museum to show visitors how not to do something. The children will forget the lesson due to having to take part in society.

        • Mining BoganMEMBER

          It will be needed there to take visitors through the lower floors and carpark.

          • NBN should be a verb.

            What happened to your garden, it was coming along so well?
            It was too hard so I just NBN’d it.

            What’s wrong with your face?
            My doctor NBN’d the Botox.

            Don’t give the job to Scott. He NBNs everything.

          • The Traveling Wilbur

            NBN = No Bloody Network.
            or
            NBN = No Believable Navy.

            Context can be so important sometimes.

    • I recall Ze Germans were front runners then Le French gazumpted them with a ‘demo’ on how noisy the Ze German boats were.

      • Arthur Schopenhauer

        You got a wonder if a metaphorical brown paper bag was involved? You know, to muffle the sound of the French sub.

    • Jevons ghostMEMBER

      “In the end, the U-boat fleet suffered extremely heavy casualties, losing 793 U-boats and about 28,000 submariners (a 75% casualty rate, the highest of all German forces during the war).”
      How anyone can serve on these things is beyond me.

    • Mining BoganMEMBER

      I think he’s talking about guillotines on historical plates. I researched it a while back. New ones are a bit cheaper, especially DIY.

      • I think we can get Boomen to make a fine hydraulic powered guillotine, able to chop 50 necks at a time. Hell, even design it so that they don’t all fall at the same time, but with a delay.

        He has the tools and he has the fine knowledge… he can certainly do it… then, we open a blood-and-bone fertilizer manufacturing plant.

  5. migtronixMEMBER

    They will not force us
    And they will stop degrading us
    They will not control us
    We will be victorious

    • reusachtigeMEMBER

      Bloke, I still remember those strung-out vids of you doing the crazy in the park. They were ace!

  6. MathiasMEMBER

    lol Melbournes in lockdowns again. Time to stop having sex with each other and get a hobby.

    • migtronixMEMBER

      He doesn’t look a thing like Jesus
      But he talks like a mysogynist
      Like you imagined, when you weren’t corrupt

    • RobotSenseiMEMBER

      The mediation might as well be “C Porter and/or backer to pay all costs”.

      How is this clown still on the front bench? Resign, you scumbag.

  7. Am I right that the US and Aus 10-year bond yields are now basically the same?

    Surely this is significant, as Aus normally needs to pay a premium to attract funds?

      • The Traveling Wilbur

        rba money printer goes brrrrrrrrrrrrrrrrrrrrrrrrr.

        Until June anyways.

        • The Travelling Phantom

          Man you are quite right, visited a friend lives close to the money printers and the noise was so loud I had to ask him if there’s a helicopter landing nearby

  8. SweeperMEMBER

    Victorians should feel proud to have a competent government who makes the tough decisions and isn’t afraid to have a go at the Feds.

  9. RobotSenseiMEMBER

    Memo to Clotty:

    Vaccines work best when the needle is put in the deltoid.

    Fkn get on with it.

      • Takes me back to the time I started a rumour about a ponce at work getting the flu shot in the a$$.

        He was a bit full of himself so hilarious to watch people yell out to him about this over the next few weeks!!

  10. MathiasMEMBER

    A week of AUDUSD hanging on. *yawn*

    I guess the good news to take from all this is Lockdowns mean falling AUDUSD. Nothing like a little profit. Lets see if AUDUSD falls next week.

    • Christian AnalystTherapist

      you’re a deluded psycopath. Brazil’s fake chloroquine/ivermectin pushing flat earthist politicians are currently getting dragged through a senate enquiry and desperately trying to deny they actively pushed these useless (at best) treatments, leading to half a million deaths.

    • I understand that ivermectin is a very common and very well known drug that has established to be extremely safe with very little side-effects.

      If the authorities honestly believe that ivermectin is not effective against COVID-19, then the right course of action would be to use it heavily against COVID-19 in carefully documented ways and then its uselessness would then be obvious to all.

      However heavy censorship of the story leads me to believe that the elite have other motives.

  11. migtronixMEMBER

    Carhartt dungorees on order – check
    Skateboard sorted – check
    Bluetooth boombox – check

    7 days of 90s coming at ya

  12. MathiasMEMBER

    Nothing more fun then going out bush and lighting a big frickin’ fire. Getting too old for bonfires but still… let the good times roll ;p

  13. Update … United States … important transport changes …

    … While public passenger transport tanks, it is a different story on other transport fronts …

    … it would appear convenient mobility / automobiles are rather popular in the new era of urban dispersal and decentralization … …

    Car & Truck Sales Show: The Inflation Mindset Has Changed, Consumers Are Willing to Pay a Lot More, Generating not only Record Sales but also Record Gross Profits … Wolfstreet

    https://wolfstreet.com/2021/05/27/the-whole-mindset-has-changed-consumers-are-willing-to-pay-a-lot-more-for-cars-and-trucks-generating-record-sales-gross-profits/

    This change in the inflation mindset is likely not “temporary.”

    Record new-vehicle retail sales despite slashed incentives by automakers, record new-vehicle transaction prices, spiking used-vehicle prices and trade-in values, very tight inventories on popular models, and record dealer profits – that’s what stimulus and stock-market gains along with supply disruptions produced in May. It has inflation written all over it, as the whole mindset has changed.

    The average transaction price (ATP) of new vehicle sold to retail customers in May reached a record $38,255, according to J.D. Power estimates. The ATP is a function of the price of new vehicles sold to retail customers and of the mix of new vehicles sold: the shift to higher-end trucks and SUVs that we have been seeing in recent months helped push up the ATP. The chart, based on data provided by J.D. Power, shows the months of June and December in every year except in 2021, when it shows the ATP for May: … read more via hyperlink above …

    Shipping-Container Rates Top $10,000 From Asia to Europe … Brendan Murray … Bloomberg

    https://www.bloomberg.com/news/articles/2021-05-27/shipping-container-rates-top-10-000-from-asia-to-europe?srnd=premium-asia

    … reprint …

    https://www.ttnews.com/articles/shipping-container-rates-top-10000-asia-europe

    The cost to move goods in a shipping container to Europe from Asia shot above $10,000 for the first time on record, an index showed, underscoring the pain inflicted on exporters and importers struggling with stretched supply chains.

    The Drewry World Container Index released Thursday showed the rate for a 40-foot container from Shanghai to Rotterdam rose to $10,174, up 3.1% from a week ago and a 485% jump from a year ago. The composite index of eight major routes rose 2% to $6,257 from a week earlier and was 293% higher than a year ago, Drewry said. Both were the highest in records going back to 2011.

    In the U.S. and elsewhere, many shippers of cargo have had to pay in excess of $10,000 per container in this year’s tight spot market for seaborne freight, where deals with ocean carriers include hefty surcharges to ensure on-time delivery or guaranteed loading. … read more via hyperlink above …

    … meantime public passenger transport tanks … massively …

    $85 billion for empty buses and railcars … Randal O’Toole … New Geography

    https://www.newgeography.com/content/007052-85-billion-empty-buses-and-railcars